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VOL 12 | NUM 2 | 1 August 2025
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CHILE | 21 - 27 July 2025
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Power Markets Weekly
is a brief weekly review of the electric market operation in Chile, Mexico, Iberia, France and Italy. If you are not a subscriber, please feel free to subscribe
here
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DNV offers tools for Wholesale Market analysis and operation:
- DNV Power Analytics (DNV-PA) is our web-based platform that provides access to constantly updated long-term energy price forecasts.
- With a refined design and an improved user experience we are upgrading our digital services for our customers.
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Hydro participation raise, leading to a reduction in the shares of oil and gas |
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The average price in Polpaico was USD 75.6/MWh, which is 21% lower than last week but 63% higher compared to one year ago.
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Marginal cost evolution in Polpaico during past years
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This week shows an increase in generation, with slight variations in the participation of technologies.
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The share of thermal generation exhibited mixed behavior: while oil and gas decreased their shares by 0.5 pp. and 1.2 pp., respectively, coal increased by 1.0 pp.
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The participation of renewable generation was marked by an increase in dam by 0.6 pp. and run-of-river by 0.4 pp. Solar continued to decrease its share, falling by 0.5 pp.
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Maximum demand occurred on Friday at 10 AM, when thermals supplied 22.7% of the mix: coal contributed 11.4%, gas with 11.0% and oil with 0.3%.
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Generation Mix
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Variation
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Power range by energy sources (average prices)
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Geothermal
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Cogeneration
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Biomass
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Coal
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Gas
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Oil
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BESS
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Dam
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Run-of-river
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Wind
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PV Solar
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CSP
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Regarding price decoupling and line congestion, the 500 kV Nueva Pan de Azúcar – Polpaico line was congested every morning throughout the week.
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Congestions in 220 kV Cautín – Río Malleco line decoupled Puerto Montt on Monday morning.
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Congestions in 220 kV Lastarria – Ciruelos line decoupled Puerto Montt during the mornings of Tuesday and Wednesday, as well as on Tuesday night.
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Congestions in 220 kV Charrúa – Santa Clara line decoupled Charrúa to the north on Sunday afternoon.
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Due to previously mentioned congestion in 220 kV Lastarria - Ciruelos line, the peak marginal cost was recorded on Wednesday at 2 PM in Puerto Montt, set by Trapén oil power plant, reaching USD 246.5/MWh.
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Crucero
USD 52.6/MWh
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D. de Almagro
USD 52.9/MWh
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Pan de Azúcar
USD 54.8/MWh
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Polpaico
USD 75.6/MWh
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Charrúa
USD 75.3/MWh
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Puerto Montt
USD 108.0/MWh
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Solar and Wind production & BESS dispatch
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Solar generation had an average plant factor of 16.3%. The highest plant factor was registered in Crucero with 20.5%, while the lowest was in Puerto Montt with 4.1%.
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On Saturday, solar generation was particularly low in Crucero, Diego de Almagro and Polpaico, with plant factors of 15.8%, 12.0% and 5.8%, respectively.
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Wind generation had an average plant factor of 21.6%. The highest plant factor was registered in Charrúa with 27.0%, while the lowest was in Polpaico with 11.2%.
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On Wednesday, low wind output (plant factor of 12.8%) aligned with the day of peak price.
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BESS injections increased by 2.5 GWh, reaching up to 41.9 GWh. The highest injections was registered in Crucero with 33.4 GWh, while the lowest was in Nueva Pan de Azúcar with 36 MWh.
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This week, the curtailment rate was 4.4% for wind and 8.5% for solar, resulting in a weighted average of 6.8% (2.9 pp lower than last week).
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Crucero
USD 11.3/MWh
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D. de Almagro
USD 10.2/MWh
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Pan de Azúcar
USD 11.0/MWh
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Polpaico
USD 61.9/MWh
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Charrúa
USD 69.6/MWh
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Puerto Montt
USD 168.5/MWh
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Energy weighted average spot price using PV production by zone
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Crucero
USD 53.4/MWh
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D. de Almagro
USD 50.1/MWh
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Pan de Azúcar
USD 52.6/MWh
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Polpaico
USD 70.4/MWh
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Charrúa
USD 61.7/MWh
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Puerto Montt
USD 85.9/MWh
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Energy weighted average spot price using wind production by zone
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BESS discharge capture price
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Crucero
USD 80.3/MWh
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D. de Almagro
USD 58.9/MWh
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Pan de Azúcar
USD 89.6/MWh
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Polpaico
USD 94.6/MWh
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Charrúa
USD 96.9/MWh
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Energy weighted average spot price using BESS injection by zone
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DNV, Magdalena 181, Las Condes, Santiago, Chile
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